Al Mashat Participates at WEF High-Level Meeting in Davos

During their meeting at the last of the World Economic Forum (WEF) Annual Meeting 2023 in Davos, the Minister of International Cooperation H.E. Dr. Rania Al-Mashat participated in the “How to Turbocharge Development Finance” session.

She was with the Chair of The Grantham Research Institute on Climate Change and the Environment at the London School of Economics, Lord Nicholas Stern; President of the Center for Global Development, Masood Ahmed; and Federal Minister for Climate Change at the Ministry of Climate Change of Pakistan, Sherry Rehman, moderated by The National’s Editor-in-Chief Mina Al-Oraibi.

In her remarks, Al-Mashat said that the world is going through unprecedented challenges that require immediate action by strengthening multilateral cooperation to reach effective solutions, preserve development gains, accelerate the progress of implementing the 2030 Sustainable Development Goals (SDGs), and bridge the financing gap that record $3.9 trillion in 2020 and was exacerbated by the COVID-19 pandemic and successive crises.

The Minister noted the importance of expanding adaptation efforts and mitigating the repercussions of climate change, promoting investments in resilient infrastructure, and ensuring joint efforts to reduce loss and damage. She added that from early on, Egypt had already begun taking measures on development and climate action in 2014, and is currently committed to the National Country Climate Strategy (NCCS) 2050 and the Nationally Determined Contributions (NDCs), to achieve green transition through specific projects in all priority sectors.

Al-Mashat referred to Egypt’s Country Platform for the Nexus of Water, Food and Energy NWFE Program, which includes 9 priority projects in the aforementioned sectors, aiming to attract climate investments, blended finance and debt swaps worth $14.7 billion. This is a replicable model that also enhances Egypt’s national development vision and is consistent with climate goals.

The Chair of The Grantham Research Institute on Climate Change and the Environment at the London School of Economics, Lord Nicholas Stern agreed with Al-Mashat, noting the importance of integrating the concepts of development and climate action, and joint work to provide climate financing for developing countries and emerging economies. 

Stern referred to the joint efforts with the Ministry of International Cooperation in this regard, pointing to the need for governments to realize that investing in education and health does not conflict with climate action at all, but rather is part of sustainable development. This highlights how climate financing is part of the overall picture of sustainable development.

For his part, the President of the Center for Global Development, Masood Ahmed stressed the importance of international financing institutions supporting emerging and developing economies in light of the economic conditions the world is going through.

The WEF 2023 Annual Meetings in Davos, Switzerland was held under the theme "Cooperation in a Fragmented World", with the participation of several heads of state, heads of government, ministers, and major private sector companies. 

The Minister held a number of bilateral meetings between the 16th and 20th with representatives of multilateral and bilateral development partners, private sector companies, and philanthropic organizations, and participated in several events and sessions in light of the strengthening economic relations between Egypt and regional and international institutions.